Daily Market Charts and Analysis

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Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

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USDJPY

The pair will continue its steep decline after it broke down from a major support line, sending the pair lower to the nearest support line. Japan was seen increasing its effort to bring back its former glory as one of the largest economy in the world through the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), which covers 1/3 of global trade, the EU-Japan free trade deal, which was the largest trading zone in the world, and the possibility to sign a bilateral trade agreement with the United States. Along with this, Japan passed a law allowing the reinterpretation of the Article 9 of the Japanese Constitution, which prohibits the country from building military equipment that can be used to wage war. The United States, Japan, India, and the Philippines are currently conducting naval drills to challenge China’s claim in the South China Sea. Histogram and EMAs 13 and 21 are poised to further go lower.

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NZDCAD

The pair will further go lower with the looming crossover between MAs 50 and 200, which will result to a “Death Cross”. In the past few months, New Zealand had been defying pressures from Australia, the United Kingdom, and the United States. This was after the country abstained from taking sides in the Venezuelan crisis between the incumbent and Russian-backed Nicholas Maduro and the self-proclaimed president and US-backed Juan Guiado. Aside from this, New Zealand took back its word from banning the Chinese technology giant Huawei amid security concern. New Zealand Prime Minister Jacinda Ardern said that its decision was not influence by the United States nor the United Kingdom. However, its commitment was being questioned by Canada as it didn’t back Canada’s dispute with China. Canada was the only country to not ban Huawei among US allies. Histogram and EMAs 13 and 21 will continue to fall lower.

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GBPUSD

The pair failed to hold into a major support line, sending the pair lower towards the downtrend channel support line. US President Donald Trump was set to visit the United Kingdom on June 03-05, before heading to Japan for the G20 Leaders Summit. The White House said that the upcoming trip would reaffirm the special relationship between the United States and the UK. This week, US Secretary of States Mike Pompeo visited the United Kingdom to meet British Foreign Minister Jeremy Hunt to talk on issues regarding Iran, China, and the Brexit, before the head-of-state of two (2) countries will meet in June. The Dutch and Duchess of Sussex had their first baby this month, with Prince Harry being from the UK, while Meghan Markle came from the US, which can further strengthen the special relationship of the two (2) countries. Histogram and EMAs 13 and 21 was expected to crossover in the following days.

EURCAD

The pair will further go up in the following days after it broke out from MAs 50 and 200, sending the pair higher towards the nearest resistance line. The European Parliament gave a green light for the European Union to conduct a bilateral trade agreement with Canada, which will further deepen the ties between them as Canada and Japan had recently joined Germany and France in the “alliance for multilateralism”. The Franco-Germano alliance is the de facto leader of the European Union. In line with this, the EU ambassador in Canberra was now trying to lobby Australia firms to move their business from London to EU cities like Paris, Rome, Brussels, and Frankfurt. This partnership, together with Canada’s membership in the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership), will further hurt US economy. Histogram and EMAs 13 and 21 was poised to go up.

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